فصلنامه مطالعات تجربی حسابداری مالی
پیاپی 27 (پاییز 1389)

The purpose of this study is to investigate empirically the one of the underlying assumptions of economical and financial models relating to investor's behavior as "Rationality" and to obtain some evidence about it from Tehran's Stock Exchanges (TSE). To do so, following some studies (such as Frankel and Lee, 1998; Ali et al., 2003; Xie, 2004), by introducing the concept of "Convergence of Prices to Fundamental Values" and emphasizing on "Value to Price (V/P) Ratio", we have investigated the effectiveness of External Financial Reporting Mechanism. The findings support the prediction ability of V/P ratio with respect to future (normal and abnormal) return estimation. So, the lock of Market Efficiency is approved at least at semi-strong level and we can say that active investors are able to earn abnormal return by fundamental analysis purposively. Also, the primary source of the abnormal earnings, is the convergence of prices to fundamental values of stocks. The correlation between accounting and financial reporting information with market prices is observed, too, and the results show that accounting information affects on forming supply and demand for stocks and therefore, the price changes.

There are numerous investment strategies that analyze past market data in an attempt to predict trends in future stock returns. Evidence on the profitability of such strategy rejects the efficient market hypothesis (EMH) at its most basic level: Two recent approaches to investment that have challenged the weak form of the momentum wins EMH are:1) The contrarian strategy, 2) The momentum strategy Many studies provide evidence for the profitability of both these strategies. But in widespread literature have imply to effective factors that overshadow profitability this strategies. Hence for indication this variable one used method is to definition two-stage strategies and then to test those. Herein study has define two-stage strategies by Trading volume, Institutional Investor holding rate, free float stock and base volume and then compare those with one-stage strategies. The finding in this paper show that a strong moment effect, in short term, present in this market, this strategy can create abnormal return. Further analyses reveal that the profits generated by such investment strategies can not be explained by either the small firm effect or the institutional investors or free float effects.

This study has been provide information regarding the impact of the selective strategy applied Companies (cost management strategy and product differentiation strategy) on their financial performance. Cost management strategy says that managers must do some works to buying, producing, sales and caring in the better forms of competitors. In different ways companies that use differentiation strategy can use it with best and different products. By using this strategy companies can increase price of products. The goal of this research is knowing the influence of cost management and differentiation strategies on Stock Exchange of Iran in different industries. We use the information of 45 companies accepted in Stock Exchange of Tehran from 1379 to 1389. The results show that both strategies have efficiency in stock return. Also we understand that differentiation strategy have the better effect on firms performance because in short time can not uses with another companies.

International Financial Reporting standards (IFRS) are more and more being accepted all over the world. International organizations like the UN, EU and OECD for assessment of projects and lending, foreign stock exchanges for listing and foreign investors for analyzing and comparing companies’ financial statements all over the world require common standards and IFRS can meet the requirement. Despite all advantages of adopting IFRS, there are obstacles for such harmonization; like that, economic, political and institutional factors in every country. In this survey, twelve identified obstacles in the previous research were examined and the questionnaire was provided for two groups of professionals and academics. The results showed ten factors as obstacles in Iran. The obstacles, according to the importance, are not academic teaching of IFRS; lack of effective participation in world professional societies and financial markets; no developed stock market as an international exchange and limitation of foreign investments; national tax system; few international trades specially in financing; concerning about misunderstandings of changes by stakeholders; lack of developed economic infrastructure like organized and developed markets in the country; differences in business environments, capital structure and ownership structure; little familiarity of accountants, users of financial statements and auditors with IFRS and finally influence of some big corporations and banks. Also two remaining factors, which are high costs of coordination and transmission into international accounting standards and cultural structure and attributes, were not significant.

Most of the stock price changes in capital markets are influenced by various and differentiated information released by companies to market participants. Some of this information is based on forecasting and estimating, therefore in this paper the comparison of earnings response coefficient (ERC) in companies with optimistic management earning forecasts with companies with management’s policies to forecast pessimistically to be able to survey the reaction of market participants to management’s optimistic and pessimistic forecasts. In the rest of the research, the effects of the adjusted changes in management’s forecasts of earnings during the financial period were examined and finally the forecasts of managements in high centralized and low centralized companies were examined. The results suggest that in Tehran Stock Exchange, there is no significant relationship between ERC of companies with optimistic forecasts and companies with pessimistic forecasts. The negative relationship between the positive adjustments in managements earning forecasts and ERC was verified and managements earning forecasts in companies with low centralized ownership comparing to companies with high centralized ownership were more optimistic.

In this study, earnings quality was examined at initial public offerings. For this purpose, by taking some characteristics into account, 73 firms were selected from firms that were listed in the Tehran Stock Exchange over the years of 2002 to 2005, and then their earnings quality was analyzed two years before IPO, within year of IPO and three years after IPO. The results indicated that earnings quality was in its highest amount in IPO year in comparison with before and after that. Furthermore, The results indicated that the larger the firms are, the more earnings quality the firms will have before IPO and year of IPO. However, no relationship was found between firm size and earnings quality after IPO year. Moreover, by considering the relationship between earnings quality and level of long-term liability before IPO, year of IPO and after IPO, found out that the higher the level of long-term liability of the firms is, the less their earnings quality will be.

This research studies the relationship between Conservatism and efficiency of investment in capital assets. For verifying investment efficiency, two criterion (time series and cash flows) have been used. Statistical sample consists of 107 listed companies in Tehran Stock Exchange and the time domain is between 1999 until 2007. Statistical model used was multivariable regression model and for testing hypotheses compound data were used. The results of testing hypotheses shows that there is meaningful and negative relationship between conservatism and overinvestment. Further more there is meaningful and positive relationship between conservatism and investment efficiency. Which both Result agree with forcasted hypothese.